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1. During an economic contraction, why is it likely that the federal government budget will move into deficit?
2. Suppose the current equilibrium GDP for a country is $14.5 trillion and potential GDP is $14.3 trillion. Will decreasing government purchases by $200 billion or raising taxes by $200 billion restore the economy to potential GDP? Briefly explain why.
3. Explain what happens to inflation and unemployment during the business cycle.
Usually we argue, to attain more of one alternative, we must sacrifice something else. Give two conditions that would allow for an increase in the production of the two goods identified in the chapter (HINT: Recall various positions on a PPC; review ..
The supply curve shows a positive relationship between price and quantity supplied. Elucidate role does the loss of increasing opportunity cost play in this relationship? What role does profit play in this relationship.
Elucidate how the firm can use transfer costs to lower the corporate tax burden, which is 34% in the U.S. and 30% in the foreign location.
true false questions 1 consumption is positively related to stock market wealth but negatively related to taxes and
What is Upper Mongoose's GDP for the year - what is the size of the underground economy as a percentage of GDP and what was the average of these growth rates in Econoland over these 5 years?
Compare the automotive manufacturing industry today to the automotive manufacturing industry of the 1950’s. Applying the economics of price and output, what is the difference between the industry of today and that of the 1950’s.
Discuss the determinants of varying levels of income, the factors which determine a person's wages and if these qualifications always hold true.
Suppose that American Tree, one domestic producer, convinces Congress that because its production methods are the safest in the industry, it should be allowed to be the only supplier of artificial trees to American consumers.
a consumer purchases two goods x and y which are perfect complements. in other words the goods are only beneficial when
An open economy has the following pattern of income and domestic expenditure: For each of the three years, evaluate the balance of trade facing the economy.
Find the equilibrium price and quanitity. If the curent pice of te product is $100, what is the quantity supplied and the quantity demanded? How would you describe this situation, and what would you expect to happen in the market?
Describe why Aggregate Supply curve becomes increasingly steeply sloped at levels of RGDP near full employment and becomes especially steeply sloped beyond full employment RGDP
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